Noodles & Co. Class A (NDLS)

Noodles & Company's stock has been impacted by several key events. The company reported a system-wide comparable sales increase of 6.6% in Q4 2025, leading to a stock surge of over 55% on March 26, 2026. A 1-for-8 reverse stock split became effective on February 18, 2026. The company is undergoing portfolio optimization, closing 33 underperforming restaurants in 2025 and planning to close 30-35 company units and five franchised locations in 2026. The net loss in Q4 2025 narrowed to $6.8 million from $9.7 million in Q4 2024.

Noodles & Company experiences demand seasonality, with lower revenue in the first and fourth quarters due to reduced winter and holiday traffic. The second and third quarters tend to have higher revenue. Restaurants near colleges and universities often experience increased business during the academic year.

Noodles & Company is a fast-casual restaurant chain offering international and American noodle dishes, soups, salads, and appetizers. The company focuses on lunch and dinner, providing customizable noodle and pasta dishes, including healthy and gluten-free options. They emphasize fresh ingredients and offer dining, pick-up, and delivery services.

As of December 31, 2024, Noodles & Company operated approximately 463 restaurants across 31 states, with 371 company-owned and 92 franchise locations. By December 30, 2025, the number decreased to 423 restaurants, including 340 company-owned and 83 franchised units. Restaurants are typically 2,000 to 2,600 square feet, located in suburban, collegiate, and urban markets. The company is exploring smaller designs with order-ahead drive-thru windows.

Noodles & Company has focused on enhancing its brand reputation through menu innovation and value offerings. The company launched a new menu and reintroduced popular limited-time offers like Steak Stroganoff and Chili Garlic Ramen. The "Delicious Duos" initiative, offering a small entrée with protein paired with a side starting at $9.95, has contributed to positive brand perception by providing value to customers and supporting traffic.

Noodles & Company has a significant number of institutional owners and shareholders. As of April 9, 2026, 46 institutional owners held 15,841,304 shares. Major institutional shareholders include Mill Road Capital Management LLC, Nantahala Capital Management, LLC, Vanguard Group Inc, and BlackRock, Inc. Individual ownership is also present, with Cattertonnoodles LLC being a significant shareholder.